In order to observe laws and regulations and boost the confidence of all of its stakeholders, the Crédit Agricole Group allocates significant human resources to its compliance activities, in keeping with its expansion.
Compliance activities
Preventing risks and ensuring compliance
The role of the Compliance unit is to define and implement a policy for the prevention of non-compliance risks. This is reflected on a day-to-day basis by the following responsibilities: adapting laws and regulations to procedures, training and advising operating staff, checking transactions and the correct implementation of procedures, taking measures to prevent money laundering and financing of terrorism.
Three core texts
- A compliance charter translated into 10 languages;
- The FIDES compliance programme, rolled out within the Group since 2004, and its procedural memos;
- Texts reflecting regulatory changes concerning compliance since 2004.
FIDES training in all areas of the Group
The majority of the Group's employees have undergone FIDES training and were able to test their knowledge in a quiz in 2006, to which 75% of employees responded. Training is systematically provided for new employees, as well as employees of newly acquired companies.
Effective tools
The Group has effective tools in place to assess risks and procedures, to ensure that regulations are observed in the United States within the framework of the Bank Holding Company Act and to report suspicions in relation to financial security.
Closer supervision of international operations
The recent international expansion of the Group's retail banking activities has been secured with the roll-out of the FIDES programme, resulting in particular in the appointment of compliance officers within each subsidiary, the creation of committees, the implementation of procedures and FIDES training, IT systems for monitoring transaction flows and a reporting system. An "international compliance" unit has been set up at the head office to allow for closer supervision of compliance and financial security at all of the Group's subsidiaries.
High level of corporate governance
The Compliance management committee oversees corporate governance and the roll-out of compliance measures within the Group. It meets every month to review the conclusions of inspections, any communications from supervisory authorities and corrective measures taken.
Focus
Number of employees covered by the Compliance unit
Breakdown of employees:
- a team of 39 people at the head office responsible for the management and coordination of compliance policy
- correspondents at each Group entity
